The recession started last year with the collapse of large financial institutions in the United States. Since then, it had undergone a domino effect affecting major industries all over the world. Buyouts became more common as one by one, companies fell to debts and bankruptcies.
The casino industry is no exception. 2009 has been a very bad year for the gaming world and the industry has been severely damaged. This just seems logical considering that people have to cut down on unnecessary expenses and truthfully speaking, gambling is a vice with no guaranteed rewards.
Atlantic City is a host to a number of casinos. The Trump Entertainment with three casinos under its wing has already fallen victim to the flailing economy. It is now under bankruptcy protection. The latest addition though to this downfall is the buyout of Resorts Atlantic City, the oldest of its kind in the area. It has been taken over by the Credit Suisse Group, a European bank. With this takeover, it only signifies a hard hit on the industry.
With the recession predicted not to be over so soon, the gambling industry is yet to face more obstacles in the coming year. Even with tougher times looming ahead, recovery plans are also being enforced.
